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Economy – RBNZ Advisory: Expanded April Monetary Policy Review and change to focus of Business NZ speech

Source: Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ)

20 March 2026 – The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) is expanding its communications approach for the 8 April Monetary Policy Review.

The April Monetary Policy Review decision will be released as usual on the RBNZ website at 2pm. We will hold an online media conference at 3pm, which will also be livestreamed on our website. Governor Breman will be undertaking media engagements in the days following the announcement. (ref. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=1454659f0e&e=f3c68946f8 )

This approach aligns with the Monetary Policy Committee's (MPC) commitment to greater transparency. Future Monetary Policy Reviews will also follow this revised format. We will review and adapt this format over time in response to stakeholder feedback.

The RBNZ's quarterly Monetary Policy Statement, which includes updated economic forecasts, an Official Cash Rate projection and more detailed forecasts will continue as normal. Monetary Policy Statement releases will also continue to be followed by in-person media conferences. The next quarterly Monetary Policy Statement is scheduled for release on 27 May.

Change of focus for Business NZ speech
On Tuesday 24 March, Governor Breman is scheduled to deliver a keynote speech to Business NZ's CEO Forum in Auckland. The RBNZ previously advised that the speech would touch on the current economic outlook, drawing on insights from the February Monetary Policy Statement, and outline how the Reserve Bank is working to modernise New Zealand's payments system.

Due to the wider economic impact of the ongoing conflict in the Middle East, this speech will now focus on the potential impacts of this evolving situation on the New Zealand economy.

The speech will be published on the RBNZ website at 9am on Tuesday 24 March ahead of two planned external engagement events with Governor Breman that morning. The first engagement is with external economists and analysts, and the second is with Auckland media representatives. The Business NZ CEO Forum event that Governor Breman is speaking at will commence from 2pm. The RBNZ is releasing the speech earlier in the day to ensure that all stakeholders have equitable access to information.

A speech outlining how the Reserve Bank is working to modernise New Zealand's payments system will be delivered at a later date.

This speech will not pre-empt the MPC's April Monetary Policy Review decision. The global environment, and other salient factors, will be discussed in full by the MPC when it meets ahead of its April decision.

More information

Event advisory: Business NZ CEO Forum: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=cebad07a06&e=f3c68946f8

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Appointments – CAA appoints new Chief Financial Officer

Source: Civil Aviation Authority (CAA)

After a thorough recruitment process, the Civil Aviation Authority (CAA) is pleased to announce the appointment of Brett Banner as Chief Financial Officer to its Executive Leadership Team.

Brett is an experienced public sector finance leader and Chartered Accountant with more than 20 years’ experience across corporate services, including finance and governance, risk, procurement and ICT.

He is currently General Manager Corporate Services at the Energy Efficiency and Conservation Authority (EECA), and has previously held Chief Financial Officer roles at the Commerce Commission and the Ministry for Culture and Heritage.

Brett also serves on the Board of NZ On Air, where he chairs the Audit and Risk Committee.

CAA Chief Executive and Director of Civil Aviation Kane Patena says Brett brings strong leadership and experience at a time of continued organisational focus on performance, value, and delivery.

“Brett brings a depth of experience across government and Crown entities, and a strong track record leading organisational change and lifting capability,” says Mr Patena.

“He has led major programmes, strengthened business planning and risk management practices, and supported organisations to align to strategic priorities. His experience and approach will support CAA as we continue to deliver on our role as a modern, effective regulator.”

Brett will join CAA on 25 May 2026.

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Save the Children – Conflict drives Eid food price surge across Middle East and wider region, leaving families struggling to cope

Source: Save the Children

Food prices have surged in some of the most food-insecure countries in the Middle East and wider region due to the ongoing conflict, threatening to push the most vulnerable families further into hunger as Eid approaches, Save the Children said.
Families already struggling after years of conflict and economic shocks have told Save the Children staff that rising food and fuel costs – compounded by war and displacement – are stripping away the joy of Eid al-Fitr, the celebration marking the end of Ramadan. Eid this year for many families will be a time of fear and hunger with more than 4 million people newly displaced mostly in Iran and Lebanon.[1]
While food prices generally tend to rise around Eid, the conflict has driven fuel and food prices higher than usual, pushing already vulnerable families closer to the brink while forcing many others to forgo Eid traditions such as buying new clothes for the celebrations, decorating homes or sharing sweets and chocolates.
Even before the conflict, about one in six people in the Middle East region did not know where their next meal would come from and had to sacrifice the quality of their food because of financial constraints. [2] In Lebanon supply chain disruptions and uncertainty in local markets have further driven up prices. Save the Children's analysis of the cost of fuel and six key foods for a healthy diet found prices rose by 5% between 23 February and 9 March.[3]
One million people – or 20% of the population – have been displaced in Lebanon since the escalation started on 2 March. [4] Families living in collective shelters will miss out on food traditionally eaten by their families to mark Eid, while others staying outside shelters are prioritising spending on essentials due to ongoing uncertainty, Save the Children staff reported. 
Iran’s suspension of food and agricultural exports has had a significant impact on Afghanistan where about 9 million children – or one in three – are facing severe hunger. [5] Iran accounts for 30% of Afghanistan’s imports, including key goods such as food and fuel.[6] Prices of some vegetables and cooking oil have surged 13% in the past month, while staples are up 3%, according to Save the Children price’s monitoring. [7]
Fruit sellers in Herat, close to the Iran border, said the price of dried fruit – traditionally bought for Eid – has risen sharply. Families are replacing more expensive items used in Eid dishes with cheaper alternatives such as chickpeas, raisins, and pumpkin seeds.
In Iran, the UN has reported that preexisting economic pressures such as economic stagnation, high food inflation, and rapid currency depreciation which were already driving food insecurity prior to the current conflict, is leaving households with limited capacity to absorb further shocks.
The Government of Israel’s closure of the Rafah border on the second day of the conflict- which still remains closed to the entry of humanitarian goods and supplies – contributed to spiking prices in Gaza, compounding the inflationary effects of two years of war. Some fruits and vegetables have disappeared or become scarce in markets. The cost of peppers, potatoes, and onions more than tripled in less than two weeks while the prices of eggs and meat have also risen, putting children’s nutrition and development at risk.[8]
The UN has warned that if the conflict continues, elevated prices could push an additional 45 million people into acute hunger, up from 318 million, to an all-time record-high.[9] 
The effects could be felt in sub-Saharan Africa which is heading into planting season and relies on fertiliser shipped through the Strait of Hormuz – conduit for 40% of world fertilizer.
Ahmad Alhendawi, Save the Children’s regional director for the Middle East and eastern Europe said:
“Eid, traditionally a time of celebration and community, will be disquietingly unfamiliar for many children across the Middle East and wider region as the human and economic cost of the conflict unfolds.
“Children have been killed, displaced, and prices of everyday essentials such as food are rising. For children in Gaza and elsewhere, who have already endured unimaginable horrors during what is supposed to be one of the most joyful times of the year, this Eid looks to bring little respite.
“These price hikes are hitting children and families across the region whose safety, security and incomes have in many cases been battered by years of conflict and economic crises. It’s not difficult to imagine how even the smallest cost increase is a blow to these families who are already on the brink and exhausted by conflict and crises.
“It is another stark reminder of how conflict upends the life of children, inflicting new wounds on a generation of children across the Middle East and wider region, many of whom already carry the physical and mental scars of years of violence, insecurity, or deprivation.”
Save the Children is urgently calling for an immediate cessation of hostilities. All parties to the conflict must adhere to their obligations under international humanitarian law, including by facilitating the unimpeded passage of humanitarian supplies, fertiliser, and food through the Strait of Hormuz.
[3] Based on prices for rice, flour, red lentils, sunflower oil, eggs and tomatoes as reported in the Lebanon Ministry of Economy and Trade mini-basket of prices on 23 February and 9 March 2026. Fuel prices taken from IPT.
[7] Save the Children market price monitoring in Afghanistan
[8] Save the Children market price monitoring in Gaza. Prices collected on 23 and 28 February and 8 February.
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Health – New air pollution report prompts renewed calls for action

Source: Asthma and Respiratory Foundation

A new report reveals that more than 700 Aucklanders are dying every year from traffic-related air pollution – a toll now rivalling smoking – yet little is being done to reduce the human toll, a leading health charity says.
A new University of Auckland report – released by Healthy Auckland Together – found that over 90 per cent of Aucklanders are breathing air that falls short of international health standards, with vehicle emissions responsible for the vast majority of harm.
Nationwide, air pollution killed 3300 Kiwis, and was responsible for more than 13,100 hospital admissions for respiratory and cardiac illnesses, and 13,200 cases of childhood asthma, in 2016.
Ms Letitia Harding, Chief Executive of the Asthma and Respiratory Foundation NZ and Kia Manawanui Trust – The Heart of Aotearoa, says the findings highlight a preventable public health crisis.
“Air pollution is a direct and daily threat to people’s hearts and lungs.
“We are seeing the consequences in asthma, heart disease, and other respiratory illnesses affecting our communities every day.”
To address this, there needs to be long-term, Government-led change, Ms Harding says.
“Cleaner air means fewer hospital visits, fewer missed school days, and longer, healthier lives.
“That’s what’s at stake if we fail to act, and why reducing pollution must be treated as a priority.”
The report shows transport is responsible for around 80 per cent of harmful air pollution in Auckland. Pollutants like nitrogen dioxide and fine particulate matter can penetrate deep into the lungs and even enter the bloodstream, increasing the risk of stroke, heart disease, lung cancer, and asthma.
Dr Ian Longley, Director of The Air Quality Collective, said the scale of harm demands a coordinated national and local response.
“The science is clear and increasingly difficult to ignore.
“Air pollution is contributing to thousands of deaths across New Zealand each year, and much of it is coming from sources we can control – particularly vehicles,” Dr Longley says.
“Auckland’s air quality in some areas is comparable to major international cities, yet our policy response has not kept pace with the evidence.
“It’s that gap that is costing lives.”
Proven solutions already exist and are being used successfully overseas, he says.
“Other cities around the world have already shown that measures such as low-emission zones, stronger vehicle standards, and investment in public transport can rapidly improve air quality.
“These are practical steps that deliver real health benefits.”
The WHO estimates that globally indoor and outdoor air pollution exposure currently kills about seven million people yearly due to cardiovascular diseases, such as strokes and ischaemic heart disease, and respiratory diseases such as acute respiratory infections, chronic obstructive pulmonary diseases and lung cancer.
According to the World Bank, the global health cost of mortality and morbidity attributed to air pollution was $8.1 trillion in 2019.
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Employment Issues – MBIE still fighting to cut flexible work as third mediation looms and Employment Relations Authority hearing set – PSA

Source: PSA

MBIE’s controversial and unlawful crackdown on flexible work arrangements protected under its collective agreement with workers will be subject to a third round of mediation with the PSA in Wellington today.
If mediation fails, a three-day hearing before the Employment Relations Authority will follow on 31 March to 2 April.
“Flexible work is more important than ever with household budgets hit by rising petrol price – MBIE needs to stop defending its new Flexible Work Policy which is out of step with modern workplaces,” said Fleur Fitzsimons, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi.
“MBIE cannot simply tear up collective agreements that provide for flexible work.
“The policy rides roughshod over its obligations under the collective agreement which binds MBIE to support flexible work. If mediation fails, we will be seeking a determination from the ERA that MBIE is violating the ‘flexible by default’ approach which forms part of its collective agreement with members.
‘Flexible by default’ means employees at MBIE have a right to flexible work arrangements which suit their individual circumstances unless there is a good business reason not to.
“MBIE should be leading the way on flexible work, as should all public sector employers where it’s practical to do so, not spending public money fighting in the ERA to take it away. ACC heard its workers and backed down. It’s time for MBIE to do the same.”
MBIE introduced its new Flexible Work Policy last year to align with the Government's directive to restrict working from home across the public service. The policy requires all existing flexible work arrangements to be renegotiated and reviewed every six months with the explicit aim of reducing days worked from home.
“We urge MBIE and all government agencies to take heed of the times. With petrol prices rising, working from home is one of the most practical ways public servants can ease the pressure on their household budgets. Every day working from home is a real saving on fuel and commuting costs,” Fitzsimons said.
The PSA is also challenging the Government's broader flexible work restrictions at the ERA through separate proceedings against Te Kawa Mataaho Public Service Commission.
“Public sector employers need to see flexible work as a win-win, and the way of modern workplaces the world over,” Fitzsimons said.
ENDS
Background: The PSA filed ERA proceedings against MBIE in July 2025 after a first mediation failed. A second ERA-ordered mediation was held in December 2025. A third mediation is scheduled for 20 March 2026. If unresolved, a three-day ERA hearing follows on 31 March to 2 April 2026 in Wellington.
Previous statements
The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand's largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.
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Federated Farmers – Wellbeing Fund a ‘game changer’ for rural mental health

Source: Federated Farmers

Federated Farmers say today’s announcement of a $4 million rural wellbeing fund will be an absolute game changer for rural mental health and wellbeing.
“This funding will do so much good for rural New Zealand and help a lot of people who need it,” Federated Farmers president Wayne Langford says.
“There are some amazing organisations out there doing great work in our communities, but there have been real issues with central coordination and longer-term certainty of funding.
“Full credit goes to the Government. They’ve recognised there’s a need and have really stepped up to partner with those existing grassroots organisations, providing financial support.”
Langford says it’s no secret that mental health is a major issue for farmers and rural communities, with many factors contributing to that.
“Living in more remote communities, limited digital connectivity, reduced access to mental health services and healthcare, and the day-to-day stresses and pressures of farming all play a role.
“We’ve been aware of these challenges for a long time now, and a lot of different initiatives have popped up to meet a real need in our rural communities.
“It’s great to see the Government recognise that they don’t have to reinvent the wheel or develop their own programmes for rural New Zealand, run centrally out of Wellington.
“Instead, they’re partnering with well-established and highly credible grassroots organisations, like Surfing for Farmers and Farmstrong, which are already out there making a big difference.”  
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Fire Safety – North Waikato moves to restricted fire season

Source: Fire and Emergency New Zealand

Fire and Emergency New Zealand has declared a restricted fire season for North Waikato from 4pm Thursday 19 March until further notice.
During a restricted fire season people wanting to light outdoor fires must apply to Fire and Emergency for a permit and have it approved.
The North Waikato zone includes the Waikato, Hauraki, Matamata Piako, Waipa, Ōtorohanga and Waitomo territorial authorities, and Hamilton City.  
Announcing the fire season change District Manager Daryl Trim says drier conditions during late summer and early autumn have triggered the change.
“Despite regular rainfall, the fire risk in North Waikato is increasing,” Daryl Trim says.
“We’ve had an increase in the number of vegetation fires including several large fires.
“While these have been controlled and extinguished, we anticipate fhese fires will likely become more frequent.
“Having a restricted fire season gives us greater control of who can burn and when, and we can provide direct fire safety advice to those completing burns,” he says.
“A restricted season will reduce the risk to persons and property.”
The Thames-Coromandel District remains in a restricted fire season.
Go to www.checkitsalright.nz for full details of the fire season status and what activities are restricted or banned.
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University Research – HPV self-test boosts cervical cancer screening ‘across the board’, new study confirms – VIC

Source: Te Herenga Waka—Victoria University of Wellington

 

Making human papillomavirus (HPV) self-testing available to all women increases the number of people screened for cervical cancer, a new study led by researchers from Te Herenga Waka—Victoria University of Wellington has confirmed.

 

The study, published today in The Lancet Obstetrics, Gynaecology, & Women’s Health journal, shows offering the HPV self-test lifts screening rates among everyone eligible, not just among those who have previously been under-screened for cervical cancer. (ref. https://www.thelancet.com/journals/lanogw/article/PIIS3050-5038(25)00201-8/abstract )

 

“We know from our previous research the HPV self-test is acceptable and accessible for under- and never-screened wāhine Māori. This new study proves HPV self-testing is a game changer, lifting cervical cancer screening rates for all women and people with a cervix,” said Professor Bev Lawton, lead author of the study and director of the University’s Te Tātai Hauora o Hine—National Centre for Women’s Health Research Aotearoa.

 

The study, which took place before HPV self-testing was rolled out nationwide in September 2023, included 22,511 people enrolled in 14 GP practices in Te Tai Tokerau Northland. Half the practices offered HPV self-testing and half offered a vaginal speculum exam by a doctor or nurse, the standard screening method before self-testing was introduced.

 

During the study period, which ran from February 2022 to September 2023, screening coverage was 10.8 percent higher among practices offering self-testing. Coverage was higher for all groups, including both Māori and non-Māori populations. 

 

“The evidence is clear. Universal HPV self-testing offered through primary care increases screening coverage, which reduces illness and death caused by cervical cancer. Millions of people around the world can be spared an invasive vaginal speculum exam by doing their own HPV test,” said Professor Lawton.

 

HPV causes 95 percent of cervical cancers. Since HPV self-testing was introduced in 2023, 81 percent of those being screened have opted to self-test. In the two years to July 2025, screening coverage rose by 7.4 percent. 

 

“Our new study adds to the evidence HPV self‑testing lifts screening rates across the board. This effect has been clearly demonstrated in Aotearoa New Zealand, where the introduction of universal HPV self‑testing—guided by this research—has led to a marked increase in coverage,” said Professor Lawton.

 

Professor Lawton and her colleagues are discussing the study findings at an international conference on HPV, being held this week in Austria.

 

“Cervical cancer is now preventable but remains a problem in many countries due to programmes not reaching high coverage levels. We believe all national cervical screening programmes should urgently consider a universal offer of HPV self-testing through primary care.

 

“HPV self-testing—offered by trusted providers, with training and on-going education for primary care staff, and supported by clinic ‘champions’—contributes to successful screening programmes. Universal HPV self-testing is acceptable, safe, and increases screening coverage. This will reduce harm, save lives, and make an important contribution to the equitable elimination of cervical cancer worldwide,” said Professor Lawton.

 

The research was funded by the Health Research Council, the Ministry of Health, and Mahitahi Hauora.

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Economy – RBNZ releases Summary of Submissions and Key Decisions from Liquidity Management Consultation

Source: Reserve Bank of New Zealand

19 March 2026 – The Reserve Bank has published a Summary of Submissions and Key Decisions paper on the Liquidity Management Review consultation. Decisions on the design of Open Market Operations (OMO) are expected to come into effect from 2 April 2026.

The Reserve Bank has been reviewing its liquidity management framework following changes to the liquidity environment in recent years.

Based on feedback from the consultation and consideration of our key objectives, we intend to make changes to our approach to OMO and will start offering weekly full allotment operations to inject liquidity.

“Weekly full allotment operations will provide market participants with certainty, allowing them to determine their demand for liquidity at a fixed spread to the OCR,” Director of Financial Markets Adam Richardson says.

The new weekly operations will complement the Overnight Reverse Repo Facility, that is available daily to market participants.

“OMO are a critical tool for us to manage liquidity, and we will continue to monitor the impact of the new approach and ensure it is consistent with effective monetary policy implementation, while also facilitating market liquidity and supporting financial stability,” Mr Richardson says.

The first operation under the new framework will take place on Thursday 2 April 2026 at 11.30am NZT.

The consultation paper also sought input on design considerations for a Committed Liquidity Facility (CLF). Feedback on the CLF has been used to inform in-principle decisions and help identify areas where additional work is required. The CLF is on track to be in place by December 2028, when the Deposit Takers Act standards come into effect.
 

More information:

Speech by RBNZ Director of Financial Markets, Adam Richardson at the 2026 New Zealand Capital Market Forum: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=eec5aaf330&e=f3c68946f8
Summary of Submissions and Key Decisions: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=02a8c941d9&e=f3c68946f8

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BusinessNZ – Oil slick: NZ’s economy still grows amid turbulent times

Source: BusinessNZ

The latest BusinessNZ Planning Forecast shows that while the economic outlook largely depends on how the conflict in Iran evolves, current forecasts still point to encouraging growth through to March 2028.
Chief Economist John Pask says even as we navigate stormy seas internationally, there are reasons to remain optimistic at home.
“Our construction sector is showing signs of recovery, with increased consenting activity and a strong infrastructure pipeline, as has been outlined by the Infrastructure Commission.
“Tourism has rebounded too, and international visitor numbers are back to pre-covid levels, aided in part by a lower NZ dollar.
“On the agricultural front, Fonterra’s sale of several consumer brands for around $4 billion is expected to boost incomes and support rural communities. On the downside, input costs, including fertiliser, are likely to rise significantly if the conflict continues.
Pask says this latest Planning Forecast comes with a special note, due to a developing geopolitical situation.
“Given the fluid international economic situation at present, forecasts on economic growth, interest rates, exchange rates, inflation, and unemployment, should be seen for what they are – the best available information to date. These forecasts will likely be subject to significant change as both the global and domestic scene continues to evolve over coming weeks.”
The BusinessNZ Economic Conditions Index (ECI) is a measure of some of NZ’s key economic indicators. It sits at 18 for the March 2026 quarter, down 6 on the previous quarter, and up 13 on a year ago. An ECI reading above 0 indicates that economic conditions are generally improving overall; below 0 means economic conditions are generally declining.
The latest BusinessNZ Planning forecast is available now on the BusinessNZ website.
The BusinessNZ Network including BusinessNZ, EMA, Business Central and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.